UK's EU agencies set for Amsterdam, Paris after Brexit

(BRUSSELS) - EU 27 ministers on Monday selected Paris as the new seat for the European Banking Authority, and Amsterdam as the new seat for the European Medicines Agency, to following Britain's exit from the EU.

The two EU agencies currently based in the UK, the European Medicines Agency (EMA) and the European Banking Authority (EBA), need to be relocated in the context of the UK's withdrawal from the EU.

The EBA works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Among other tasks, the EBA assesses risks and vulnerabilities in the EU banking sector through regular risk assessment reports and EU-wide stress tests.

The European Medicines Agency (EMA) is responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU. The EMA is essential for the functioning of the single market for medicines in the EU.

The EU Commission now has to prepare legislative proposals reflecting today's vote for adoption under the ordinary legislative procedure, with the involvement of the European Parliament. Both Council and Commission say they are committed to ensuring that these legislative proposals are processed as quickly as possible in view of the urgency of the matter.